U.S. Consumer Spending is Unchanged in June

RAPAPORT... The U.S. consumer spending pattern remained stagnant in June. Gallup reported that consumers spent $70 per day on average, at total that is basically unchanged between June 2011 and 2010.

So far in 2012, Gallup revealed that average daily spending has ranged from $63 (in January and February) to $74 (in March), which is in line with the "new normal" in place since 2009, narrowly ranging from $58 to $76, according to Gallup. Daily spending in June 2009 was $61; however, in June 2008, it was $104.

The average daily spending among upper-income consumers, or those earning $90,000 or more annually, fell to $116 in June from $125 one year ago. Gallup concluded that this drop mirrored a decline in upper-income consumer confidence this past month.

Upper-income consumers' willingness to spend may have been hampered by the compounded effect of the stock market's uneven performance in June and a sharp decline in the market in May, according to the research.